Mezzanine & Preferred Equity in Las Vegas, NV

Las Vegas anchors its economy on hospitality, entertainment, and conventions at a scale no other U.S. market matches, with the Strip Corridor hosting the highest concentration of hotel rooms and convention space in the country, driven by operators including MGM Resorts International, Caesars Entertainment, and Wynn Resorts. The Las Vegas Convention Center expansion and the arrival of Allegiant Stadium, T-Mobile Arena, and the under-construction Oakland Athletics ballpark have extended the metro's event calendar well beyond gaming, supporting hospitality and retail demand across the Strip and into Henderson and Summerlin. Industrial is arguably the most compelling story right now: North Las Vegas and the Enterprise submarket have absorbed millions of square feet from logistics and e-commerce users drawn by Nevada's tax structure and one-day trucking access to Southern California, with Amazon, SHEIN, and a growing roster of third-party logistics operators signing large-format leases. Multifamily fundamentals remain strong across Henderson and Spring Valley, fueled by sustained household formation from California relocatees attracted by the absence of state income tax and lower housing costs, though permitting volumes have moderated as construction financing tightened. Office remains the weakest segment, with meaningful vacancy in suburban parks outside the core, though medical office tied to Sunrise Health System and Valley Health System campuses has held occupancy well. The single most important underwriting variable in this market is gaming tax revenue sensitivity: a prolonged softness in visitation affects municipal budgets, retail sales, and ultimately the employment base that supports all other property types.